Under What Circumstances Should Management Generally Consider Utilizing Qualitative Forecasting

question 99

Multiple Choice

Under what circumstances should management generally consider utilizing qualitative forecasting techniques?

• A) When real-time data flow is available
• B) When historic data is both clear and relatively stable
• C) When developing strategic-level forecasts
• D) When demand is dependent on bill of material (BOM) calculations

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Definitions:

Variance Assessment

The process of evaluating the extent of variation or dispersion from the mean or expected value in a set of data.

Standardization

The process of implementing and developing technical standards to ensure consistency and compatibility across different processes or products.

Crystallized Intelligence

The ability to use learned knowledge and experience, as opposed to the ability to think and solve problems in novel situations.

Fluid Intelligence

The capacity to think logically and solve problems in novel situations, independent of acquired knowledge.